Duell Oyj · OMXHEX:DUELL
Duell Oyj — Q1 2023 Earnings Presentation
13 slides from Duell Oyj's earnings presentation, Jan 18, 2023
Slide 1: Duell Corporation Financial Report September 2022 - November 2022
Duell Corporation Financial Report September 2022 - November 2022 January 18, 2023 1
Slide 2: A leading Nordic and European powersports aftermarket distributor
A leading Nordic and European powersports aftermarket distributor 124 M€ (77 M€) +61.5% Tampere DUELL’S ESTABLISHED MARKETS NET SALES NET SALES GROWTH DUELL’S GROWTH MARKETS 9/2021–8/2022 9/2021–8/2022 Frölunda 7.0% (10.5%) Adjusted EBITA 9/2021–8/2022 Veghel, Deventer SALES OFFICE Key figures* WARE
Slide 3: All powersports accessories from motorbikes to marine
All powersports accessories from motorbikes to marine TECHNICAL AND SPARE PARTS 2/3 PERSONAL EQUIPMENT 1/3
Slide 4: Strong presence in all dealer channels
Strong presence in all dealer channels Sales split by customer type E-commerce Retailers Specialty shops % 25% of net 75% Repair and spare parts shops sales Powersports equipment manufacturers
Slide 5: Business report: September 2022-November 2022
Business report: September 2022-November 2022 5
Slide 6: Q1: Uncertain market impacted first quarter – operational efficiency in focus
Q1: Uncertain market impacted first quarter – operational efficiency in focus • Constant currency growth was -3.4% Net sales decreased by 5.2% • Integration of the acquisitions proceeding as planned • Adjusted EBITA margin decreased to -1.7% (6.8%) • Gross margin 22.3% EBITA temporarily (24.1%) impr
Slide 7: Summary of Q1 financials
Summary of Q1 financials Q1 2023 Q1 2022 FY 2022 Key figures and ratios (9/2022- (9/2021- (9/2021- • Net sales EUR thousand 8/2022) 11/2022) 11/2021) • Nordics -2.6% Net sales 25,751 27,154 123,991 Net sales growth, % -5.2 73.0 61.5 • Other Europe -9.1% Organic net sales growth, % -19.0 32.2 15.7 •
Slide 8: Seasonality is typical in Duell's sales by quarters
Seasonality is typical in Duell's sales by quarters Quarterly Net Sales, EUR million Quarterly Adjusted EBITA, EUR million and Adjusted EBITA margin (%) 35.1 34.6 13.4 11.5 27.2 27.1 25.8 24.5 8.6 8.5 7.7 7.2 19.4 17.2 5.1 15.7 6.8 3.3 3.0 1.9 2.0 2.1 1.8 1.6 1.1 -0.4 -1.7 Q1 Q2 Q3 Q4 Q1 Q2 7.2% 5.6
Slide 9: Uncertainty continued in the operating environment
Uncertainty continued in the operating environment External factors Focus during financial year 2023 • The market uncertainty continues due to the causes • Continue European growth strategy of the war in Ukraine • Optimising inventory levels • Increased inflation impacting customer confidence • Cost
Slide 10: Outlook for financial year 2023 (unchanged)
Outlook for financial year 2023 (unchanged) • The market continues to be uncertain. The accelerating inflation and the overall economic environment have decreased consumer confidence. These factors will reduce predictability. Duell will continue to execute its growth strategy despite the uncertain m
Slide 11: Duell medium-term financial targets (unchanged)
Duell medium-term financial targets (unchanged) Target Description Latest audited report “Net sales between €200-300m by the end of 2025, achieved through yearly growth organically Net sales of and inorganically” Net sales Growth FY 2022 €200–300m (The growth target remains unchanged, but the part o
Slide 12: Strategic objectives and cornerstones
Strategic objectives and cornerstones Key strategic objectives Strategic cornerstones • To become the best partner • Geographical market expansion for dealers and brand • Partner for building online sales owners throughout Europe • Brand portfolio development • Strengthen the leading market position
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